Bitcoin hovered around $113,000 as traders waited for the Federal Open Market Committee (FOMC) – the Federal Reserve’s rate-setting group – to conclude its meeting today, with Chairman Jerome Powell’s press conference at 2:30 p.m. ET.
Analyst comments
Ali Martinez says bitcoin needs to climb above $120,000 to pave the way to $143,000. Simply put, he argues that once the price rises above $120,000, there is less historical “traffic” above it, so an advance to the next milestone around $143,000 becomes more likely within his framework.
He bases this on a chart using long-term price ranges – smooth curves constructed from chain averages that act like lanes on a highway. In the image you shared, the price is below a key band of around $120,000; above that, the next band is near $143,000, which he sees as the next major waypoint. The point is not that the price has to go there, but that once $120,000 is recovered, the pattern appears more open up to the upper band around $143,000.
Michaël van de Poppe says the recent decline looks like a routine decline, not a broken trend, and he wants $112,000 to continue to act as support before expecting another surge higher. In other words, it views the descent as a standard “ground check” moment, not the start of a larger slide.
He bases this on a medium-term price chart with two clear zones: a floor near $112,000 and a ceiling around $115,600 – $116,200. His chart draws a path bouncing from the floor to the ceiling, which visually communicates his idea that the market can stabilize here and attempt to move higher again if $112,000 continues to hold.
Glassnode says many recent buyers are concentrated around $111,000, while larger selling interest is around $117,000. In common parlance, $111,000 is the point where bargain hunters often step in, and $117,000 is the point where profit-taking often appears, creating a tug-of-war that defines the current range.
They base this on a cost-based distribution view, which groups parts based on the price where they were last moved. Peaks in this distribution around $111,000 signal the presence of many buyers (an area of support), and peaks near $117,000 signal many potential sellers (an area that can slow rallies). The takeaway is that a clear move outside of $111,000 – $117,000 could set the tone for the next bigger step.
Technical Analysis Highlights
The following is based on CoinDesk Research’s technical analysis data model.
- October 28, 2:00 p.m. UTC: Trading surged to 22,844 BTC (174% of the 24-hour average of 8,268), sending the price to the day’s high near $116,094 before sellers capped the move between $115,600 and $116,200.
- October 28, 8:00 p.m. UTC: A second burst of activity pushed the price toward $112,500, where buyers responded and the decline slowed.
- October 29 window at 02:00 UTC: In the 24 hours ending on this date, bitcoin slipped approximately 1.2%, from $113,973 to $112,568, a change of approximately $3,930.
- 03:45 UTC, October 29 (writing time): The price was near $112,637, with smaller candles often signaling a break.
- Levels to watch: Support at $112,500, then $111,000; resistance between $115,600 and $116,200. A push through $116,000 opens between $119,000 and $120,000; a loss of $112.5,000 puts $111,000 back into play.
Analysis of the latest 24-hour and one-month charts from CoinDesk Data
24-hour view: The day looked like a bounce between a ceiling and a floor. The price sprinted up to $116,000, fell, then found support near $112.5,000. After that, the candles became smaller, which usually means that the rush to buy or sell has calmed down and traders are waiting for another surge.
One month view: The most recent transactions are in a corridor of $111,000 to $117,000. This explains why rapid rises often stop near $117,000 and rapid declines often find buyers near $111,000. Until price exits this corridor, expect more back and forth. A firm move above $116,000 and then $120,000 would indicate the scales are moving higher; a sharp fall below $112.5k would test $111k and the strength of the floor.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
